Sitar Teli, formerly of Doughty Hanson Technology Ventures, the venture arm of the eponymous private equity firm, has joined as a managing partner at Connect Ventures, a UK-based early stage venture firm backed by Italy-based publishing group De Agostini and other undisclosed corporates, as well as family offices.
Teli is the third managing partner of the business, alongside founders Bill Earner and Pietro Bezza.
In May Connect Ventures raised €16m in its first close, it has since raised a further undisclosed amount of money, and it is aiming to raise €39m for the fund, Teli said.
Teli said she had been looking to do more early stage investments, and so Connect was appealing to her. She said: “It is the venture fund I would design if it didn’t exist.”
Connect Ventures has invested in portfolio companies CityMapper and Ondango.
Teli spent seven years at Doughty Hanson Technology Ventures, where she was board director of MegaZebra and board observer on numerous companies including SoundCloud.
Teli added: “We think it makes sense for them and us. We invest in consumer businesses on the internet and mobile. It is important for De Agostini to understand those types of businesses. While at the same time it is a great opportunity for our portfolio companies.”
Teli said the company runs a Connect Ventures camp twice a year, allowing its investors and portfolio companies to connect face to face. She said: “This is one of the things our corporate LPs [limited partners, or investors] really appreciate.”